Sogang News

Center for Law and Finance held international academic conference with the topic ‘Financial Reform and Compliance’

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sogpr

Date

2016-06-27

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720

Center for Law and Finance held international academic conference with the topic ‘Financial Reform and Compliance’

- Take a look at the trend in 2008 before and after global financial crisis in US, UK, Japan, China and organized a place to seek improvement plans in Korea -

Sogang University Center for Law and Finance (Center head Lee Sang-bok) held international academic conference on June 24 at 1 p.m. at International Conference room of Korea Exchange, Yeouido. The topic was about ‘Financial Reform and Compliance’.

This international academic conference was planned from the awareness of a problem that despite the urgency of the institutional settlement of compliance as the prior control system regarding corporation crimes such as accounting fraud, inside transaction and so on regarding compliance, which is a cornerstone of finance and one of the recent issues of financial market, its role is insufficient compared to the other developed countries.

After IMF crisis, Korea newly created compliance officer system in financial companies. Since then introduced compliance assistant system in commercial law, then gradually expanded and in 2014, asked the listed companies in set amount of size to follow compliance program that is required by the commercial law, so-called compliance system which will be discussed from this international academic conference. Also in 2008, by going through global financial crisis, countries all over the world realized that compliance is a system that is necessary for corporation management. However, it is being criticized that we have a long way to go.

Accordingly Sogang University Center for Law and Finance kept the importance of compliance in mind then planned and organized an international academic conference with the topic titled as ‘Financial Reform and Compliance’. The top professionals from major companies were invited and created a place to take a look at the trends in US, UK, Japan and China before and after the global financial crisis and seek for strengthening method of compliance role in Korea.

At this international academic conference, professionals who represent in academic, law, practical fields in domestic and foreign countries participated as the speakers and created a place to share various opinions since the related professionals participated as the discussants.

▲ Bimal Patel, a lawyer from O’Melveny&Myers in US regarding ‘Change of Compliance in US before and after Global Financial Crisis ▲ Kobayashi Hiroya, a professor from Nagoya University of Foreign Studies in Japan regarding ‘Change of Compliance in Japan before and after Global Financial Crisis in 2008 ▲ Simon Airey, a partner lawyer from DLA PIPER in UK regarding ‘Change of Compliance in UK before and after Global Financial Crisis in 2008’ ▲ Feng Guo, a professor from Wuhan University Law School regarding ‘Present Condition and Task on Application of Compliance System at Finance Companies in China’ ▲ Anh Soo-hyun, a professor at Hankuk University of Foreign Studies Law School regarding ‘Autonomy, Responsibility Improvement and Strengthening of Compliance Role at Finance Companies in Korea’ are expected to be presented.

At this ceremony, besides Sogang University president Yoo Ki-pung, Financial Supervisory Service chairman Jin Woong-sup, National Policy Committee chairman Lee Jin-bok, Sejong Law Firm representative lawyer Song Woong-soon were present and gave congratulatory speech and words of encouragement.

Lee Sang-bok, the center head at Center for Law and Finance said, “Through this international academic conference, will take a look at the changes of compliances before and after global financial crisis in 2008 and expect to seek autonomy, responsibility improvements and strengthening method of compliance role in Korea.”